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Credit score question

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Icon Mini Profile wildstorm_films
wildstorm_films




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Post Posted: Fri Aug 24, 2007 9:59 pm    Post subject: Credit score question
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Does anyone know why there's 3 credit scores instead of just 1? Wouldn't it make more sense to just have 1 credit score? You got your transunion, equifax and I can't think of the 3rd one. A few lenders that I have spoken to always tell me "yeah we look at your mid score to determine whether you eligable or not." Ok so why 3 instead of 1 then???
Icon Mini Profile larry





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Post Posted: Sun Aug 26, 2007 10:23 pm    Post subject:
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Hi Wildstorm,

The three Credit bureaus give three different types of credit score to borrowers based on their individual guidelines. With the varying guidelines of the credit bureaus, the credit score keeps on varying.

But nowadays, a unified score is available which is obtained after combining the credit score of the three agencies. This unified score is known as Vantage score. With this type of score, the borrowers will get a uniform score from each of the three agencies and can avoid the three different scores. This will also give the lenders a consistent criterion to judge the creditworthiness of a borrower. To know more on Vantage score, you can refer to http://www.mortgagefit.com/credit-rating/vantagescore.html
Icon Mini Profile evolovik26
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Post Posted: Mon Aug 27, 2007 9:56 am    Post subject:
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actually there more then 3 credit reporting agencies but thouse 3 are the ones that everyone reports to. Three are used to make sure that there are no mistakes and as methods of keeping them all in check.
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Post Posted: Mon Aug 27, 2007 11:37 am    Post subject:
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Quote:
You got your transunion, equifax and I can't think of the 3rd one.


experian Smile
Icon Mini Profile wildstorm_films
wildstorm_films




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Post Posted: Tue Aug 28, 2007 6:46 am    Post subject:
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Ah ok experian lol. I think theres should only be one credit score. I just think its rediculous having 3 of them anyways.
Icon Mini Profile miller_st
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Post Posted: Tue Aug 28, 2007 11:50 am    Post subject:
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These three presently dominate as they acquired competitors & consolidated the market over time. But guess what, there are newer credit bureaus that exists and are coming up slowly like Innovis.
Icon Mini Profile wildstorm_films
wildstorm_films




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Post Posted: Thu Aug 30, 2007 8:55 am    Post subject:
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Are you kidding me?? Another credit bureau??
Icon Mini Profile miller_st
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Post Posted: Thu Aug 30, 2007 12:19 pm    Post subject:
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Yeah, but as you said it is still a kid compared to the big three. Smile
Icon Mini Profile larry





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Post Posted: Fri Aug 31, 2007 4:46 am    Post subject:
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Innovis Data Solutions is the new type of credit bureau. Any harmful information on the Innovis credit report could help by preventing you from getting favorable credit offers through the mail.
Icon Mini Profile wildstorm_films
wildstorm_films




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Post Posted: Mon Sep 03, 2007 8:51 am    Post subject:
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Quote:
Innovis Data Solutions is the new type of credit bureau. Any harmful information on the Innovis credit report could help by preventing you from getting favorable credit offers through the mail.


I think if they just stick with on e credit score instead of having multiple ones, things would be alot easier I think. This is kinda rediculous if you ask me.
thiele

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Post Posted: Mon Sep 03, 2007 12:25 pm    Post subject:
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Quote:
I think if they just stick with on e credit score instead of having multiple ones, things would be alot easier I think.


I agree on that. Right now things are very complicated for ordinary guys like us. Authorities should do something to make it simpler.
Icon Mini Profile wildstorm_films
wildstorm_films




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Post Posted: Mon Sep 03, 2007 12:31 pm    Post subject:
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Quote:
I agree on that. Right now things are very complicated for ordinary guys like us. Authorities should do something to make it simpler.


Sadly though, there won't be any change so the little guys like us aren't gonna have a chance which could cause an economic downfall.
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